Prior Hedging Facility Clause Samples

Prior Hedging Facility. 4.1.1. TD has established a discretionary hedging facility in favour of the Borrowers to be used by each Borrower for hedging its interest rate and Currency exposures on Advances under the Credit Facilities and for foreign exchange contracts, and for any other purpose permitted under this Agreement. TD is the only Hedging Lender as at the date of this Agreement. 4.1.2. Any other Lender may establish a discretionary hedging facility in favour of the Borrowers to be used by each Borrower for hedging its interest rate and Currency exposures on Advances under the Credit Facilities and for foreign exchange contracts, and for any other purpose permitted under this Agreement. Upon such establishment, the Lender concerned shall forthwith notify the Agent, whereupon it will become a Hedging Lender for the purposes of this Agreement. 4.1.3. Each Hedging Instrument entered into between a Borrower and a Hedging Lender for a purpose permitted under this Agreement is referred to in this Agreement as an "Eligible Hedging Instrument". 4.1.4. Each Hedging Instrument must be governed by a master netting agreement in the form published by the International Swaps and Derivatives Association, Inc. under which the Full Two Way Payments (as referred to and defined therein) method of termination applies, or in such other form as the Agent may approve (a "Master ISDA Agreement"). 4.1.5. As at the Term Drawdown, each Hedging Lender and Eligible Hedging Instrument under the Prior Loan Agreement shall be considered as a Hedging Lender and Eligible Hedging Instrument under this Agreement.